The American Dream is still alive, and a recent survey from Gallup provided data to support this conclusion.
In the survey of over 2,000 Americans, 62 percent say they own their primary residence, while 34 percent are renting; the remainder have other arrangements.
More than half of Americans (56 percent) own and plan to continue owning, while 25 percent say they don’t own but plan to in the next 10 years, which means 81 percent of Americans either own or have the intention to.
Just 3 percent of owners plan on selling their home and renting it in the next 10 years, and 11 percent of non-homeowners have no intentions of owning in the foreseeable future.
While the younger population of adults (18-29) were much less likely to own, with just 21 percent currently owning, they’re also the age group that is much more likely to buy in the future.
According to the survey, nearly 7 in 10 Americans aged 18-29 do not own, but plan to become a homeowner within 10 years.
On the other hand, 71 percent of Americans aged 50 to 64 own, but only 5 percent say they plan to buy in the next 10 years.
For adults aged 30 to 49, the majority (58 percent) own, while 29 percent don’t but plan to buy within 10 years.
The survey also found a strong relationship between income and homeownership.
Three-quarters of Americans who earn at least $75,000 a year own their residence and plan to continue owning. For the income bracket below this category ($50,000-$74,999), 65 percent are homeowners and plan to continue owning. Nearly half (49 percent) of Americans who earn $30,000-$49,999 are homeowners and plan to remain as owners.
For those who earn less than $20,000 a year, just 21 percent are owners and plan to continue as owners. However, Americans in this income bracket were also the most hopeful, with 40 percent stating they are non-homeowners but plan to buy in the next 10 years, the highest among any other income category. More than a third (35-36 percent) of those who earn at least $20,000 a year but less than $50,000 aren’t homeowners but plan to own within 10 years.
The research company, however, noted that the current share of overall homeownership (62 percent) found is actually the lowest since the question was first posed in 2001. This fact may be reflected in the greater desire to buy.